homephotos Newsmarket NewsWake Up Call: Nifty 50 set to decline for fourth straight week as risk aversion rises

Wake Up Call: Nifty 50 set to decline for fourth straight week as risk aversion rises

SUMMARY

Risk aversion rises in the market as weak global cues take centre stage. Here are the five things to watch as we begin the day:

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By Sonia Shenoy  Aug 18, 2023 8:07:53 AM IST (Published)

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US markets were down for the third straight day. Dow Jones was down 290 points. Meanwhile, the US 10-year yield is at the highest level since October 2022. Asian markets fell as investors assess Japan inflation, China’s Evergrande bankruptcy filing.

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Nifty is down 3 percent from the July 20 high of 19979. Nifty Bank is down 5 percent from July highs. Heavyweights such as Reliance are down 10 percent in the last one month.

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Both foreign and domestic investors sold in cash markets on Thursday. Foreign Institutional Investors (FIIs) sold Rs 1,510 crore, while domestic institutional investors (DIIs) sold Rs 313 crore in cash yesterday. FIIs have sold Rs 10,600 crore in August, so far.

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Gold hit its five-month low overnight. 

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 Sharp sell-off witnessed in Bitcoin as it tumbled 9 percent overnight to as low as $25,000

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